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Moving into the highest band...
Legacy_user
Posts: 0 Newbie
in Cutting tax
A question which has always puzzled me. If you are lucky enough to earn enough to pay higher rate tax, does this automatically trigger the Inland Revenue sending you a tax return as you would have to pay an extra 20% tax on interest and 22.5% on dividends?
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Comments
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Not necessarily. If they do not you have to inform them.0
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It used to ... but it's no longer the case that you automatically get an SA Return just because you move into the HR bracket.
But you have to tell HMRC if you're undertaxed on Interest etc - and if your affairs are 'simple' .. they may deal with you via a single page return on P810If you want to test the depth of the water .........don't use both feet !0
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